Phase Forward Completes Acquisition of Covance's Interactive Voice and Web Response Services Business
Companies Sign Multi-Year Marketing Agreement, Phase Forward Becomes Covance's Preferred Solution Provider for Electronic Data Capture and IVRS/IWRS
WALTHAM, Mass.--(BUSINESS WIRE)--Aug. 20, 2009-- Phase Forward (NASDAQ: PFWD), a leading provider of data management solutions for clinical trials and drug safety, today announced that it has completed its previously announced acquisition of the Interactive Voice and Web Response Services (IVRS/IWRS) business of Covance Inc. (NYSE: CVD). Phase Forward purchased the Covance business unit for $10 million in cash. As part of the transaction, Phase Forward and Covance have entered into a multi-year marketing agreement to provide Phase Forward's market-leading InFormTM electronic data capture (EDC) solution and ClarixTM Interactive Response Technology (IRT) application as the preferred EDC and IRT solutions to Covance clients.
Originally announced July 15, 2009, the acquisition adds further momentum to Phase Forward's IRT efforts and solidifies the strategic relationship between the two organizations.
About Covance
Covance, with headquarters in Princeton, New Jersey, is one of the world's largest and most comprehensive drug development services companies with annual revenues greater than $1.7 billion, global operations in more than 25 countries, and more than 10,000 employees worldwide. Information on Covance's products and services, recent press releases, and SEC filings can be obtained through its website at www.covance.com.
About Phase Forward
Phase Forward is a leading provider of integrated data management solutions for clinical trials and drug safety. Phase Forward's products and services have been utilized in over 10,000 clinical trials involving more than 1,000,000 clinical trial study participants at over 290 organizations and regulatory agencies worldwide including: AstraZeneca, Boston Scientific, Dana-Farber Cancer Institute, Eli Lilly, the U.S. Food and Drug Administration, GlaxoSmithKline, Harvard Clinical Research Institute, Merck Serono, Novartis, Novo Nordisk, PAREXEL International, Procter & Gamble, Quintiles, sanofi-aventis, Schering-Plough Research Institute, Servier, SGS, Tibotec and the U.K. Medicines and Healthcare Products Regulatory Agency. Additional information about Phase Forward is available at www.phaseforward.com.
Cautionary Statement
Certain statements made in this press release that are not based on historical information are forward-looking statements which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. This press release contains express or implied forward-looking statements relating to, among other things, Phase Forward's expectations and assumptions concerning financial performance of Phase Forward following the consummation of its acquisition of Covance's IVRS/IWRS business, Phase Forward's ability to achieve expected synergies as a result of the acquisition and the strengthening of Phase Forward's market position as a result of the acquisition. These statements are neither promises nor guarantees, but are subject to a variety of risks and uncertainties, many of which are beyond Phase Forward's control, which could cause actual results to differ materially from those contemplated in these forward-looking statements. In particular, the risks and uncertainties include, among other things, Phase Forward's inability to successfully integrate Covance's IVRS/IWRS business and its employees into Phase Forward and achieve expected synergies; Phase Forward's ability to accurately forecast the acquisition-related restructuring costs and allocation of the purchase price, goodwill and other intangibles, and acquisition related and other asset adjustments; costs associated with and consequential to the acquisition and integration of Covance's IVRS/IWRS business and benefits realized from the acquisition; Phase Forward's ability to convince prospective customers to adopt its solutions; competition; changing customer requirements; governmental regulation; fluctuations in Phase Forward operating results; Phase Forward's dependence on a limited number of customers or suppliers; product performance; third party service interruptions or delays; technology failures; Phase Forward's ability to maintain customer relationships and contracts; product liability or intellectual property infringement claims brought against Phase Forward; acquisitions; and the volatility of the market price of Phase Forward's common stock. Existing and prospective investors are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. Phase Forward undertakes no obligation to update or revise the information contained in this press release, whether as a result of new information, future events or circumstances or otherwise. For additional disclosure regarding these and other risks faced by Phase Forward, see the disclosure contained in Phase Forward's public filings with the Securities and Exchange Commission including, without limitation, its most recent Annual Report on Form 10-K.